Hang Seng index drops 1.4% as China lowers growth forecast

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Source: Dukascopy Bank
Hong Kong's Hang Seng index tumbled on Monday weighted down by technology, financial and resource stocks as Chinese government lowered GDP target from 8% to 7.5% for year 2012. Hang Seng index fell 1.38% or 296.95 points and settled at 21,265.31 with all nine sectors posting losses. China Life Insurance and Ping An Insura led decline for the index, dropping 4.4% and 3% respectively. AIA group traded flat on the news AIG will sell USD 6 billion of AIA stocks to repay debt to US government. 



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